Summary: The Growth First model portfolio, largely composed of small caps, has outperformed during a declining market, with a total return of 9 per cent in its first three months. We can afford to wait and see if there is a more severe market sell-off before using the remaining cash. The portfolio has added a new position in DWS and trimmed its exposure to AMA and NetComm Wireless.
Key take-out: The portfolio can continue to perform well from here in either a declining or an improving market.
Key beneficiaries: General investors. Category: Small caps.